Whole Foods is spiking following a report that a major shareholder wants to make big changes

Whole Foods shares spiked in trading on Friday following a report
that one of the company's largest shareholders is pushing for big
changes.

Bloomberg reported, citing people familiar with the matter,
that the shareholder met with potential activist investors to
discuss changing the retailer's management, and probably selling
the company. The shareholder is one of Whole Foods' largest ten,
the report said.

The investor was concerned about high costs, poor inventory, and
the company's struggle to appeal to millennials, Bloomberg
reported.

Earlier this year, the company launched
365 by Whole Foods, a chain with lower prices and smaller
stores, to better compete with grocers like Aldi and
Krogers.

On Wednesday, Whole Foods announced that it was getting rid of
its dual-CEO structure, and appointed John Mackey, a co-founder,
as the chief executive.

Whole Foods shares jumped by as much as 5% following the news,
before being halted for volatility. The stock has slid 13% this
year.